The following information was taken from the accounting records of Winnifred Corp. at January 1, 2017. The income tax rate is 40%.

Preferred shares, $1 cumulative, 50,000 shares authorized,

10,000 shares issued $150,000

Retained earnings, balance as of January 1,2017 287,000

Cost of goods sold 635,000

Gain on sale of discontinued segment 80,000

Sales revenue 1,463,500

Selling expenses 215,000

Sales Returns 10,000

Sales Discounts 3,500

Administrative expenses 112,000

Operating income, discontinued segment 33,000

Loss on expropriation of land 46,000

Common shares, unlimited number of shares authorized,

200,000 shares issued 315,000

Requirement

Open t-accounts for the ledger records and add the amounts from the accounting records given above.